Empower Your Production Process with an Open Source Sales Funnel for Production

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in this video I'm going to give you the strategy on how I blow up industrial and Manufacturing sales funnels this is a common problem technical sales people even industrial marketers start a campaign get it going you look at the results you look at the output of it what new stuff came through that works through your funnel and before you know it there's nothing new coming through the top of it and then you're back to square one saying hey I need some people to call I need some people to follow up with it's very frustrating for sales people and they typically just blame the marketing department for but you guys got to work together the first point that I'm going to talk about and it doesn't matter if you're in marketing or sales you have to audit your deal sources what do I mean by that how did an opportunity a deal come to you are you tracking the sources if you're not tracking the sources very granularly then you need to go through and just look at the last five months six months and if you're gonna say like dude we do 100 deals a month then hopefully you're already tracking otherwise you've got a lot of work to do to go back that far but I would say just look at ideally you're tracking it you can look at historical data year over year but at a minimum look at the past five months look at 2023 and look at how did those people get into your sales funnel what was the method there could only be so many right it's either going to be through social media something with videos from your website some outbound method some email marketing campaign break it down into sources so you can look at it and you want to determine what is working the best and that may seem simple right like oh of course we want to see what's working the best but too often people don't do it when you break that down you have to make sure that the data is one thousand percent clean you cannot miss label somebody and say oh you know I don't know how they got to us I think that they came through the website or I think that they came through Linkedin I think they came from this campaign ideally your CRM system like a HubSpot which we're a partner with HubSpot and we prefer using their system but like a system like that ideally as people come in they're being identified saying this is the source how can anybody in Sales Management CEO level at a company make decisions on strategy if you don't know how the people got there but too often people have clean data so the first step is you have to audit your existing deal sources and put it into buckets it doesn't need to be 10 different deal sources or 20. try and keep it simple straight to the point but make sure that that data is 100 clean because the rest of these steps are going to take action based on that data that you have there you want to then step two is break it down from a you got your deal sources laid out let's say there's five to seven of them then you want to look at how many deals do I still have open versus how many deals have I closed based on Deal Source this is strictly based on the source of that opportunity for you this is where the rubber meets the road you want to be able to identify those things and say let's say you have a hundred deals in your pipeline right now let's say that 50 of those have been either moved into a closed one or closed loss you want to be able to say how many of them did we win and from what deal Source how many of them did we lose and from what deal source and how many of them are still open meaning they didn't say no they didn't say yes they're in a nurture phase and you want to make sure that you have all that identified because you're going to say this is what came into my funnel and these are the deal sources but what we actually won was these steel sources because you could have 50 people coming through your website but if only two of them ended up closing that doesn't necessarily mean that your website is the best source of deals it could be LinkedIn as your top one it could be trade shows is your top one so it's like hey everybody focusing on the top we've got all these deals in the pipeline we got all these deals we're so busy busy busy and then you look at the sources you're like yeah this is what's working look at all these deals we're getting but when you get down to it and you work those deals through a system and then you look at the data your strategy will change so you have to compare what did you win from a deal Source standpoint and what is what was brought in so you want to compare those two numbers to then determine the next step the next step is going to be looking at making changes based on that information so if you have a lot of website visitors if you have a lot of trade show deals like deals games or trade shows and in the end they aren't closed as one then you're going to change the activity level with that source of inbound or outbound marketing or inbound or outbound sales you're going to want to change the activity level on it based on what you're seeing with the raw data we always base everything we do Based on data we just did this exercise yesterday to create internally a 90-day sales and marketing strategy for US based on this information and there was nothing really shocking in that meeting that we had where I was like oh my God I didn't realize that the chat bot that we have on our website where you can do live chat with Mason I didn't realize that that was bringing in so many opportunities there's nothing eye-opening but it can kind of shape and make decisions based on your activity level so the third part is going to be looking at the total activity level that you need to change based on that information if you only base it on total number of opportunities you're gonna be misleading and misusing your resources whether financially or Personnel Resources with their time you want to be able to say a this is what's working the best one two and three then you audit what type of activity levels are you taking what did you do to generate that level of activity and if you set your goals and say I want to increase our Revenue by X percentage over this amount of time whether it's 90 days six months a year then you're gonna say well for the past six months I could somewhat predict based on the past six months 12 months roughly what based on our current activity level what we're doing roughly where I'm going to end up in the next six to 12 months and you can predict it so if you want to make a massive change to it and and provide an increase you have to look at the top three deal sources and say these things are producing the best results of closed one business or maybe in your sales stages you've got a stage where it's not just nurture but it's like waiting on signature waiting on contract something that where it's a high probability that's going to close you can kind of take that data into it into consideration say even though this deal source of X Y and Z hasn't closed the most it does has have the highest probability and over the next 30 days we're going to see some things funnel from the top of the funnel into a closed one so you don't want to immediately make your decision on that so you have to somewhat take that into consideration but if you if you look at it and say this is what we've been doing this amount of output to get this much back to us and these are the sources and this is how many let's say it's it's phone calls phone and email tag team that's that's one that we use internally a lot we're email marketing to them and and using the phone to follow up or we're doing cold calls following up with emails that's what we call an email and phone tag team if if that thing is not producing anything then we have to first audit what are we doing is it is it the people we're going after is it the frequency that we're going after are the emails not working what's the open rate you could dig deeper into that on the flip side of the phone if you're making 500 calls a week a thousand calls a week from your entire team or from one person is who they're calling the best contacts is the list that you're getting whether it's through some place like Zoom info or from from some other third party is the list you're getting accurate is the script that they're saying accurate is the way that they're doing it accurate so you want to look at all of that information to be able to say are we doing it the right way like is this really not working should we just throw it out and say dude this is not working we don't want to invest any more time and resources into it maybe it's trade shows maybe look at trade shows you know like I spent a hundred thousand dollars in the last six months on trade shows it's resulted in 52 opportunities but 20 of them close loss or they just ghosted us and we only close two deals for fifteen thousand dollars that's not a good Roi so you want to take a closer look at and say is it us that's messing some things up is it the top of the funnel that's messing things up are we going after the wrong people is the way that we're executing it not the best method so before you just throw something out is we don't want to invest time or energy into that you first have to audit it and see what are the variables in that in that source so for us we looked at it internally yesterday and said these are the three things that are working the best we knit we kind of knew what three things were going to produce the most amount of opportunities for us and also close the most amount of business then we say all right if we want to go from point A to point B and it's a 2 5 10x multiplier of performance and we have to change what we're doing to then provide an increase and a multiplier of who's getting brought in so for instance if you're doing calls and you're doing 50 a week and you're like this is actually working for the next two weeks three weeks increase the level of your calls the number of your calls from 50 to 100 just double it and test it and audit it back to see did it provide any sort of increase down the road of opportunities if you're getting a lot of deals from LinkedIn increase the frequency that you're posting the increase the number of connection requests you're sending increase the messages that you're sending out to people so you want to cast a wider net on that and then go back and audit it which is really like the fourth step is you have to audit the after 30 days to see if what you did made a positive impact because if it didn't then you don't want to continue on that path you want to make an adjustment so especially if you have a timeline to get this done so for us it was a 90-day example a 90-day process where I said I want to go from here to here in the next 90 days in order for us to do that we need to look at these three to four key areas of sources here's what we're currently doing we know if we keep with this current path we're going to roughly get the same amount of growth that we've seen over the last 90 days and if I want to significantly increase that and put a 5x multiplier on it we're going to have to add a minimum do a 5x multiplier to the activity level now that doesn't mean make five times as many calls or post to LinkedIn five times as many times or send five times as many messages but it's like I need more people getting eyes on it if the website is producing 10 leads a month what is the source of those leads like dig down deep into it and say oh look at these are referrals or these are people that are they saw something on social went to the website then came to us so you want to look at and say what variable can I throw in there what multiplier can I throw into that variable what we're currently doing to provide a significant level of impact to then push us in the right direction but you have to audit it after 30 days if you're not going back and checking what you're doing and how could you possibly know that it's working now some of you industrial manufacturing may say but Kyle my sales process is so long it takes six months for me to get somebody into my pipeline or when I have a first conversation it's six to nine 12 months later before I can close it I totally get that and if that's the case you're not going to say I'm changing this activity level today and in 30 days I'm going to see did I close more deals but you should be able to audit and say are there more activities are there more opportunities am I booking more meetings you have to figure out what is the API that you can track for yourself is the phone ringing more often are people having more conversations are there are other Discovery calls happening meetings in place things like that you have to figure out what is the property that you can track and that you can say when I do this I know that it should increase these different areas and then once I look at those areas after 30 days I can see has it provided a positive impact a neutral impact or a negative one and I I would venture to say that if it's a neutral impact you're not going towards the goal so what you get isn't working so it is negative so it's really just is it increasing the amount of activity that we have in Opportunities or is it decreasing it and if it's decreasing it then you need to make an adjustment and change but really dig deep into the data too often people just take everything from face value and they say this is the data we're not going to dive into it they're going to make guesses and assumptions but if decisions are made on those things it could be Personnel decisions like oh I'm investing so much time and energy into this resource into this partner into this department and do I want to add more research sources into it do I want to add another person in my sales department if I already know that my what I'm doing with my existing people is not producing the results that I want and if so decisions like that are being made you need to make sure that your data is clean so again guys I appreciate you looking at this whether it's on replay LinkedIn YouTube go over the YouTube channel hit that subscribe button turn on notifications go through our playlist there's tons of information we're going to be pumping out more and more content every every single week that is Lara's main role is that she manages my brand in the company brand and she is busy making all these videos and all the short form content that you guys see if you guys are like dude Kyle we want to see you live more often and engage with you and put that in the comments section Lara reads those comments and she will say you know what we're going to be going live once a week again and she'll figure it out if it's my schedule so guys with that being said we will see you on the next one